Pension scheme data still requires improvement ahead of the legislative pensions dashboards deadline, as underinvestment has resulted in a 'data debt' for many pension schemes, The UK's Pensions Regulator (TPR) has warned.

TPR's figures showed that one in four schemes held some data in non-digital form, and only half of the schemes offering defined benefit (DB) benefits had recent DB value data for all members.

In a blog post, TPR interim executive director of market oversight, Julian Lyne, urged the pensions industry to ensure it was ready for the upcoming deadlines, and that high-quality data enabled savers to "reap the benefits" of dashboards.

"The success of dashboards depends on quality data," he stressed, explaining that both the personal data used to find savers and the value data dashboards would need to return were crucial to saver outcomes.

"There is still a lot of work to do on making sure data about the value of a saver's pension is available digitally and is recent," Lyne added.

"Since October, we’ve targeted schemes based on data scores reported to us in scheme returns, to ask how they are reviewing their data and putting improvement plans in place.

"And in the coming months, we will meet with the largest schemes in the country and scrutinise their preparations for dashboards, and we will launch a campaign targeting the hundreds of medium-sized schemes due to connect to dashboards in 2026, to make sure that they are on track to provide data."

Although TPR previously published research showing that 80 per cent of schemes were on track to connect to the central digital architecture by or before their 'connect-by date' in Department for Work and Pensions (DWP) guidance, Lyne warned that connection was "not enough."

He argued that tackling data debt would yield much wider benefits for schemes than just complying with dashboard duties, describing good data as a "superpower."

"Good data reduces complaints, enables automation, and is necessary to achieve strategic ambitions, such as endgame strategies, while also supporting better and more personalised help and services, improved efficiency, and better decision-making," he continued.

"The pensions industry has come a long way on data in the last few years, and now is not the time to slow down.

"Let's tackle the data debt once and for all and unlock the superpower of data," added Lyne.

This article originally appeared in our sister title, PensionsAge.

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